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Harsha Moily, the son of Congress leader and former Karnataka chief minister M Veerappa Moily, will start a $200 million venture capital fund focused on the emerging climate technology sector.
The fund will find promising Indian and Israeli entrepreneurs and firms working in four verticals: sustainable agriculture, green housing, energy storage, and alternative energy.
“In terms of creating technology-enabled climate change solutions, India lags well behind the United States, Europe, and Israel. Because climate change is a big subject with enormous potential, we have identified four verticals that account for 80 percent of the total “Your GDP,” Moily explained in reports.
The VC business, which has four general partners, including Moily, has found four to five investors who have expressed interest in committing 30-40% of its target capital. “Once the borders open, I will reach out to a few additional investors in the US,” Moily said, adding that the round is expected to finish by December. Moily has worked in a variety of industries, including agribusiness, private equity, and infrastructure, for over two decades.
Moreover, In 2006, he established Moksh Yug, a microfinance organisation that collaborated closely with rural dairy producers. Because of the substantial usage of fossil fuels in their supply chain and the trash that they create, the VC fund will not sponsor solar, hydro, and wind power-related ventures.
“We will support disruptive technologies for modest nuclear power plants that use depleted uranium,” he stated.